Yorkshire Building Society shakes up mortgage rates

27 October 2004

Yorkshire Building Society has decided to revise its mortgage product range.

The new range includes short, medium and long term fixed rates together with tracker rate mortgages. It comes in with immediate effect.

Each loan will also have a fee-assisted version. These eliminate the need for an arrangement fee and offer a contribution to cover the cost of valuation and legal costs.

Speaking about the changes, Yorkshire's general manager Ian Bullock said that as the interest rate may have peaked at 4.75 per cent the building society has "been able to secure funding at very competitive rates".

He added: "Our product range now provides customers with security of payments whether they choose a fixed or tracker rate."

Mr Bullock concluded: "Our tracker rate mortgage without any early repayment charges provides borrowers with the opportunity to take advantage if rates reduce during the first two years together with the security of knowing that they can switch to a different mortgage if rates go up."